Also in the letter:
■ Regulating OTTs to check spam flawed
■ Airbus GCC pact
■ GTRI urges export diversification
Banks struggle to meet Sebi’s cybersecurity deadline amid new regulations
Overwhelmed by a thicket of demanding rules, banks will miss the January 1 deadline set by the capital markets regulator to put in place a cybersecurity framework.
What’s happening: Several banks, including multinational lenders offering custody and investment banking services, have asked the Securities & Exchange Board of India (Sebi) for more time to implement the rules. The measures include:
- Software audit
- Fast response time for disruptions
- Formation of an internal panel with independent experts
More details: Bankers told ET that they are yet to get hold of the 200-page Sebi circular that lays down the detailed rules on data storage within the country and ring-fencing them from cyber threats. This could mean a change of systems and processes, besides more money. They also said they needed 6 more months to carry out these rules.
Verbatim: “Besides measuring on a granular basis, it calls for frequent assessment and corresponding remediation, and reporting in a strict time-bound manner. Not reporting would mean not demonstrating compliance, and no entity would want that.” said Kunal Pande, KPMG’s national leader for Digital Trust (financial services).
Google appoints Preeti Lobana as the new India country manager
Preeti Lobana, country manager, Google India
Google has appointed Preeti Lobana as the new country manager and vice president for Indian operations. Lobana, the vice president of customer-centric solutions until recently, joined Google nine years ago.
Tell me more: Lobana succeeds Sanjay Gupta, who was elevated as the president of Asia Pacific operations at Google earlier this year. Google had appointed Roma Datta Chobey, the managing director for the digital native industries division of Google India, as the interim country manager.
Quote, unquote: “This is a once-in-a-lifetime moment to shape the future with AI, unlocking unprecedented opportunities for businesses to boost productivity, solve critical challenges, and create innovative solutions,” said Lobana.
Google India financials: Google India recorded an 11% increase in gross advertising revenue for the fiscal year ended March 2024 to Rs 31,221 crore, according to its filings with the Registrar of Companies (RoC).
Tech firms say using centralised blockchain to control spam impossible for OTTs
Technology companies have rejected telecom operators’ demand to bring OTT messaging channels like Meta’s WhatsApp and Google RCS under the centralised blockchain system and regulate them to check spam, saying it wasn’t technically possible.
Driving the news: The telecom companies’ call to look at anti-spam measures through the prism of regulation was flawed and overlooked the need for innovation to check the menace, they said.
Reason: Tech companies say the reason for the telcos’ demand was the hefty price competition they face from the likes of WhatsApp and RCS, which offer services at cheaper rates than SMS.
Airbus leases 650,000 sq ft office in Bengaluru for 10 years for GCC
Global aerospace and defence industry major Airbus has picked up over 650,000 sq ft office space in a commercial tower at Bengaluru’s Whitefield on a 10-year lease to set up its global capability centre (GCC), supporting innovation and technology development-related strategic initiatives worldwide.
Tell me more: The deal includes a scalability provision allowing for an additional 150,000 sq ft of space after one year, bringing the total area to 800,000 sq ft. The clause for lease tenure also offers an option to extend the deal by five more years.
Government policy: The government is working on developing a comprehensive policy framework to introduce new incentives for GCCs to motivate them to expand into smaller towns and cities.
Also Read: Race for GCCs now in heightened state(s)
Diversify IT exports, reduce import duty, GTRI suggests
India should diversify its IT exports to mitigate risks arising from potential tariffs under the Trump administration as a significant portion of India’s IT export revenue comes from the US, think-tank Global Trade Research Initiative (GTRI) said on Sunday.
Tell me more: This is part of a five-pronged strategy to navigate a potential trade era under incoming US President Donald Trump. Lowering import tariffs, strengthening its data policies, rejecting the IPEF (Indo-Pacific Economic Framework for Prosperity) trade pillars and boosting ‘Make in India’ are the other four suggestions for India.
Report states: GTRI’s report highlighted that Mexico, Canada and Asean benefited more from the 2018 US-China trade war than India. It urged New Delhi to strengthen domestic supply chains, produce critical intermediates to reduce reliance on China, and improve cost efficiency and ease of doing business to boost export competitiveness.
Today’s ETtech Top 5 newsletter was curated by Blessy Reji and Riya Roy Chowdhury in Bengaluru.